Business owners say new tariffs will force them to hike prices

Breakdown

• The White House has announced new tariffs on dozens of countries, with rates from 10 to 41 percent. 4s
• Small business owners say the tariffs will require them to raise prices for customers within the next few months. 19s
• Federal data shows a 2.6 percent increase in prices over the past year, partly due to previous tariffs. 41s
• Procter & Gamble is raising prices on about a quarter of its US products, while some companies like General Motors are still absorbing costs. 55s
• Consumers are spending less on big-ticket items and prioritizing essentials as prices rise. 1m 30s